Yesterday [14th Jan ] , Indian newspapers carried three reports/features on China .
AP[Associated Press] reports the display of a rare 400 year old map at the Library of Congress , Washington DC created by Matteo Ricci , a Jesuit missionary from Italy at the request of Emperor Wanli. This is the first ever map in Chinese depicting the Americas and associates North America with bison and wild horses. More important , the map puts China in the center of the World!!. Remember the Siamese King in the Oscar award winning film ” The King and I ” where he gets a map redrawn with Siam in the center of the Universe!! .
The second report concerns the bold step taken by Google to defy Chinese censors and also threatening to quit China over misuse of the censorship clause by the government agencies . This development has great impact for global business and may decide the shape of things to come in Business dealings and investments in China.
The third report relates to a feature by Thomas L Friedman reproduced with permission from the New York Times titled ” Red Alert : Is China world ‘s next ENRON ? ” . The article quotes from the Herald Tribune of last week where the front page story quotes the famous James Chanos [he called ENRON a fraud and made a fortune in 2000 short selling its stock] who warns that China is Dubai 1000 times or more. Chanos is looking for ways to short sell Chinese stocks before the Bubble bursts .
Even though Friedman goes on to play the devil ‘s advocate for Chanos in the article with reasons , we can see a pattern emerging both in the political and economic scene about the future of China . The phenominal 16 % growth reported this year can easily be derailed by corruption in high places , the economic disparity in urban and rural areas , over dependence on Oil and also the disturbed signals from Tibet Autonomous Region. The whole world is watching the developments in China and James Chanos could still be two times lucky !!